Federal Reserve Governor Lael Brainard sounded a hawkish tone on Tuesday, promising to ramp up the inflation fight. As Peter Schiff put it in his podcast, the uber-dove started talking like a super-hawk. But the Fed members aren’t really going to be able to follow through on this inflation fight. In reality, they aren’t hawks. They’re chickenhawks.
President Joe Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve.
Biden said Powell’s “steady leadership” helped calm markets as governments shut down the economy due to coronavirus, and he expressed confidence in Powell’s future leadership. “I believe Jay is the right person to see us through,” Biden said.
In a recent interview with CNBC’s Rick Santelli, investment guru Jim Grant talked about the Fed’s sudden about-face when it comes to its balance sheet reduction program, as well as the phenomenon of negative interest rates. In short, Grant said the central banks have done us “no favors.”
